Hey, George W. Enablers!Happy today?

Stocks Tumble as Oil Moves Past $55 Per Barrel; Dow Down 107

By Michael J. Martinez The Associated Press
Published: Oct 22, 2004


NEW YORK (AP) - Worried investors sent stocks tumbling Friday as crude oil futures topped $55 per barrel and tepid earnings from Microsoft Corp. and the Coca-Cola Co. offset Google Inc.'s strong third-quarter report. The Dow Jones industrials fell nearly 108 points, while the Nasdaq composite index dropped 2 percent. The major indexes finished the week mixed.

Oil prices again pressured the market, casting doubt not only on fourth-quarter earnings, but also on the health of the economy as a whole. A barrel of light crude was quoted at $55.17, up 70 cents, on the New York Mercantile Exchange.

"These oil prices are really going to bite the consumer at some point. Heating oil is up, it's supposed to be a very cold winter in the Northeast, and lower and middle income people are going to pay," said Russ Koesterich, U.S. equity strategist at State Street Corp. "Combine that with a total lack of fundamentals in the big name stocks, and there are very few places left to hide for investors."

--snip--

According to preliminary calculations, the Dow Jones industrial average fell 107.95, or 1.1 percent, to 9,757.81, setting a new low for the year to date and posting its lowest reading since Nov. 24.

Broader stock indicators also were substantially lower. The Nasdaq composite index lost 38.48, or 2 percent, to 1,915.14, its biggest one-day drop since Aug. 6. The Standard & Poor's 500 index was down 10.75, or 1 percent, at 1,095.74, its lowest close since Aug. 23.

The Dow and S&P 500 lost ground for the third straight week, as the continued rise in oil prices and middling earnings reports again sapped confidence from investors. A wait-and-see attitude also pervaded the market, with major economic reports, including the first reading of the third quarter's gross domestic product, and the presidential election looming. LINK

George W.'s bailout buddies can't even prop up the Dow at the end of the day anymore?

Scary.